Maryland Governor signs sports betting into law
Maryland Governor Larry Hogan signed a sports betting bill into law Tuesday, putting the state in line for a late summer or early fall launch.
HB 940 was one of 226 bills Hogan signed Tuesday, but the governor made specific mention of sports betting at an official signing ceremony.
Last month the Maryland Senate unanimously passed the legislation, which was designated as emergency bill. The emergency status means that state regulators can immediately begin drafting rules and then move on to licensing sportsbooks.
Maryland voters overwhelmingly supported a sports betting referendum last November.
Lawmakers debated the workings of sports betting legislation this spring, ultimately settling on a bill that grants retail sportsbook licenses to the state’s casinos, horse tracks and professional stadiums.
Maryland becomes the fourth jurisdiction to license pro stadiums.
Oriole Park at Camden Yards (MLB), FedEx Field (NFL) and M&T Bank Stadium (NFL) are the recipients. Laurel Park and Pimlico Race Course, home of the Preakness, are among the horse tracks to receive licenses.
Another 30 retail sportsbook licenses will be awarded to small businesses.
The bill “maximizes the ability of minorities, women, and minority and women-owned businesses to participate in the sports wagering industry, including through the ownership of licensed sports wagering entities.”
Additionally, the bill includes a 60-operater cap for online sportsbook licenses, which would be the most in the nation. Retail licensees are eligible to apply for online licenses.
With so many licenses on the horizon, Maryland is certain to emerge as one of the nation’s most competitive sports betting markets.
Sports betting will be taxed at 15%, with tax revenue going towards education funding.
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